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Fair Value Measurements Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2021
Fair Value Measurements [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
The table below shows the notional amounts of our financial instruments at March 31, 2021 and December 31, 2020:
Description of Financial Instrument (in thousands)March 31, 2021December 31, 2020
Whole loan contracts and related committed IRLCs$1,375 $2,354 
Uncommitted IRLCs366,998 208,500 
FMBSs related to uncommitted IRLCs337,000 183,000 
Whole loan contracts and related mortgage loans held for sale16,959 78,142 
FMBSs related to mortgage loans held for sale194,000 131,000 
Mortgage loans held for sale covered by FMBSs198,486 148,331 
Schedule of Derivative Instruments, (Loss) Gain in Statement of Financial Performance [Table Text Block]
The following table sets forth the amount of gain (loss) recognized, within our revenue in the Unaudited Condensed Consolidated Statements of Income, on assets and liabilities measured on a recurring basis for the three months ended March 31, 2021 and 2020:
Three Months Ended March 31,
Description (in thousands)20212020
Mortgage loans held for sale$(6,940)$3,739 
Forward sales of mortgage-backed securities9,347 (6,580)
Interest rate lock commitments(2,618)2,383 
Whole loan contracts413 54 
Total gain (loss) recognized$202 $(404)
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
The following tables set forth the fair value of the Company’s derivative instruments and their location within the Unaudited Condensed Consolidated Balance Sheets for the periods indicated (except for mortgage loans held for sale which are disclosed as a separate line item):
Asset DerivativesLiability Derivatives
March 31, 2021March 31, 2021
Description of DerivativesBalance Sheet
Location
Fair Value
(in thousands)
Balance Sheet LocationFair Value
(in thousands)
Forward sales of mortgage-backed securitiesOther assets$7,707 Other liabilities$ 
Interest rate lock commitmentsOther assets Other liabilities965 
Whole loan contractsOther assets2 Other liabilities 
Total fair value measurements$7,709 $965 

Asset DerivativesLiability Derivatives
December 31, 2020December 31, 2020
Description of DerivativesBalance Sheet
Location
Fair Value
(in thousands)
Balance Sheet LocationFair Value
(in thousands)
Forward sales of mortgage-backed securitiesOther assets$— Other liabilities$1,640 
Interest rate lock commitmentsOther assets1,664 Other liabilities— 
Whole loan contractsOther assets— Other liabilities422 
Total fair value measurements$1,664 $2,062 
Fair Value, by Balance Sheet Grouping [Table Text Block]
The following table presents the carrying amounts and fair values of the Company’s financial instruments at March 31, 2021 and December 31, 2020. The objective of the fair value measurement is to estimate the price at which an orderly transaction to sell the asset or transfer the liability would take place between market participants at the measurement date under current market conditions.
March 31, 2021December 31, 2020
(In thousands)Fair Value HierarchyCarrying AmountFair ValueCarrying AmountFair Value
Assets:
Cash, cash equivalents and restricted cashLevel 1$292,900 $292,900 $260,810 $260,810 
Mortgage loans held for saleLevel 2217,524 217,524 234,293 234,293 
Interest rate lock commitmentsLevel 22 2 1,664 1,664 
Forward sales of mortgage-backed securitiesLevel 27,707 7,707 — — 
Liabilities:
Notes payable - financial services operationsLevel 2176,204 176,204 225,634 225,634 
Notes payable - otherLevel 22,544 3,505 4,072 3,647 
Senior notes due 2025 (a)
Level 2250,000 257,188 250,000 259,375 
Senior notes due 2028 (a)
Level 2400,000 415,000 400,000 421,000 
Whole loan contracts for committed IRLCs and mortgage loans held for saleLevel 2965 965 422 422 
Forward sales of mortgage-backed securitiesLevel 2  1,640 1,640 
(a)Our senior notes are stated at the principal amount outstanding which does not include the impact of premiums, discounts, and debt issuance costs that are amortized to interest cost over the respective terms of the notes.